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1. At a Glance
Consolidated revenue for the three months to June 2026 was ₹258.45 crore, up 20.3 per cent. A year earlier the figure was ₹214.77 crore. Operating profit for the quarter was ₹13.22 crore, against ₹24.22 crore in June 2025. Profit after minority interest came to ₹9.42 crore, against ₹12.77 crore. Earnings per share were ₹2.74, against ₹3.72 a year earlier.
The quarter also carried an unusual amount of paperwork. The company changed its name from Hind Rectifiers Limited to Hirect Limited on 24 July 2026. Sixty-eight years of “Rectifiers” retired in favour of something that fits on a lanyard. It won its first MEMU trainset development order, worth about ₹60 crore. A first Vande Metro development order followed, also worth about ₹60 crore. It also took a first United States order for traction motor assembly, and a first for mining converters.
A new independent director, a new Executive Director and CFO and a new Global CEO were appointed. The previous Global CEO resigned on 11 August 2026, citing personal reasons. Tata Small Cap Fund was allotted 10,86,366 shares on a preferential basis in July 2026, for ₹100 crore.
Other income for the quarter was ₹7.86 crore, against ₹0.23 crore a year earlier. That line spent most of two years near zero, then abruptly turned up wearing a suit. Management attributes ₹3.5 crore of the quarter’s profit to an exceptional item, the sale of the Dehradun plant. The order book stood at ₹739.8 crore at the end of July 2026.
2. Introduction
Hirect was incorporated in April 1958 by Mr Sushil Kumar Nevatia. It was set up in technical collaboration with Westinghouse Brake & Signal Co. Ltd of the UK. That was an era when technology transfer meant somebody actually got on a boat. The company had acquired the rectifier operations of Kaycee Industries. It began by pioneering semiconductors from a 20,000 sq m facility at Bhandup. The six decades since have gone on converting electricity from one shape into a different, more useful shape.
The path was incremental, in the way engineering companies usually are. The 1970s and 1980s brought battery chargers and traction rectifiers for locomotives. The 1990s and 2000s brought underslung inverters built on IGBTs, the switches that control heavy electrical power. A sister company at Satpur, Nashik was amalgamated into it in 1995. The 2010s were spent ramping up Satpur. Between 2020 and 2022 the company bought a 26,930 sq m plot at Sinnar, Nashik, and got a plant running on it.
The stretch from 2022 to 2026 is the one management keeps pointing at. It covers indigenous locomotive propulsion systems and a copper conductor facility of 350 tonnes a month. That plant was commissioned for backward integration, meaning making in-house what the company used to buy. The period also covers the acquisition of Elventive France, formerly BeLink Solutions, to establish a European manufacturing footprint. The company’s presentation frames this as a move through three eras: component supplier, then products and sub-systems, then integrated systems and global expansion. It puts content per locomotive at ₹1.5–1.6 crore in the first era and ₹5–5.5 crore in the third. Corporate India rarely resists a chart with three arrows on it, and this one has rupees attached to each arrow.
Recent activity has been dense. Shareholders approved a loan to Elventive France SAS and a preferential equity issue on 16 June 2026. Crisil, a credit-rating agency, reaffirmed the ₹228.9 crore bank loan ratings at BBB+/Stable and A2 on 21 August 2026. It had upgraded those ratings from BBB/Stable and A3+ in September 2025. A dividend of ₹1.40 per share was credited on 13 August 2026, following approval at the annual general meeting.
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3. Business Model: WTF Do They Even Do?
Hirect manufactures power electronic equipment: converters, inverters, propulsion systems and rectifiers. It also makes railway transformation equipment, from traction transformers and motors to locomotive switchboard panels. Regulated battery chargers and modular pantry units sit on the same list. A spec sheet that runs to water-cooled IGBT converters of 6,000 HP also has a line for where the tea comes from.
The railway portfolio splits three ways. Traction Systems covers traction converters, motors rated up to 1,150 kW and train communication systems. Power Systems covers auxiliary converters, hotel load converters and battery chargers up to 12 kW. The hotel load units turn 25 kV overhead line power into 750 V three-phase, so passengers can charge phones. They are supplied in pairs of 500 kVA and pairs of 600 kVA. Control Electronics and Electromechanics covers the vehicle control unit and the driver display unit. That display is a 10.4-inch screen with programmable mimic windows, a phrase that has clearly survived several committee meetings. The same group covers traction transformers up to 7,775 kVA and HVAC systems.
The industrial side sells power supplies for electrostatic precipitators, the kit that strips dust out of industrial exhaust. These come in single and three-phase versions, rated up to 750 kVA. Mid- and high-frequency power supplies and SMPS rectifiers sit beside them. Thyristor-controlled rectifiers go up to 1000 V and 20 kA. Water-cooled rectifiers reach 1500 V and 80 kA. Eighty thousand amps is not a number that turns up in most product catalogues, though it does turn up in warnings.
In the three months to June 2026, railway transformers brought 65.8 per cent of revenue. Railway electromechanical work added 14.4 per cent and railway electronics 13.1 per
